How can Market Dojo assist with recovery? The brave new world.

Apart from the key workers in the world, during the COVID-19 crisis, procurement professionals have been the heroes of businesses helping to keep organisations afloat.

Consumers have gone into hibernation and the ultimate effect has been felt like a bullwhip for many organisations. Moving forward into the recovery phase of this pandemic will bring tough decisions back to the fore. With slow sales growth, the only way an organisation can survive without making their staff redundant is to focus on the supply chain. This is where a well trained and equipped procurement team can act as the business’ much needed lifeline.

Market Dojo has already seen how procurement teams can have an impact with a dramatic increase in the customer use of our tools. Since our last blog on the topic, “How Has COVID-19 Impacted Procurement’s Approach To eSourcing?”, the number of active users of Market Dojo tools has doubled. The key to this has been a combination of our easy to use and on-demand methodology combined with the increasing need to manage data, work virtually, mitigate risk, and save money.

Above we have listed some of the procurement states that come into play at different stages of the recovery. Ultimately, the organisations that can best manage their supply chain and who can react quickly will be the ones who survive. Some of the top areas where our customers are finding value in online tools are:

• Sending questionnaires to their suppliers to better understand upcoming risks. This not only refers to tier 1 suppliers but the whole supply chain
• Helping procurement teams work virtually by keeping the information in the cloud and accessible to all. This applies to everything from supplier chats, through to contracts, insurance documents, and general tenders
• Managing costs and improving options. By using on-demand eSourcing applications, more suppliers can be easily involved in tenders and most importantly, giving clients more options.
• Negotiation through multi-stage RFQ’s and auctions. Auctions have not been the go-to tool at a time when supplier relationships are critical but they have been successful when suppliers have used the crisis to raise costs. Moving forward we are seeing them being used more [such as PPE] and we expect this trend to continue. Multi-stage RFQ’s also act as a lite touch process to reduce costs easily.

To see our infographic showing how Market Dojo can help procurement with recovery from the COVID-19 Crisis – Download it here

Alternatively, if you are interested in how we can help your organisation during the recovery phase, drop us an email at [email protected].